Odaily星球日报讯 加密货币曾是投资公众眼中的边缘事物，是华盛顿政策制定者关注的问题，也是华尔街顶级人物嘲笑的对象。但在 2024 年，这种情况发生了变化，自年初以来，持有比特币的投资者收益增长了 126%，比特币在特朗普当选后飙升至超过 10 万美元。Coinmarketcap 的数据显示，所有加密货币的市场价值膨胀了近 1.7 万亿美元。Capital Alpha 的管理合伙人 Ian Katz 表示：“目前，加密货币行业的一切都朝着有利的方向发展。”加密货币爱好者认为涨势不会很快结束，Bitwise 首席投资官 Matt Hougan 认为，到明年这个时候，“我们将进行同样的对话，即比特币经历了令人难以置信的涨势”。Bitwise 预计比特币在 2025 年底前将突破 20 万美元。（金十）

业内人士：目前加密货币行业的一切都朝着有利的方向发展

Odaily Odaily News Cryptocurrency was once a fringe issue in the eyes of the investing public, a concern for Washington policymakers, and an object of ridicule by top Wall Street figures. But in 2024, this situation has changed. Since the beginning of the year, investors holding Bitcoin have seen a 126% increase in returns, and Bitcoin has soared to more than $100,000 after Trump&#39;s election. Data from Coinmarketcap shows that the market value of all cryptocurrencies has swelled by nearly $1.7 trillion. &quot;Right now, everything in the cryptocurrency industry is moving in a favorable direction,&quot; said Ian Katz, managing partner of Capital Alpha. Cryptocurrency enthusiasts believe that the rally will not end soon. Bitwise Chief Investment Officer Matt Hougan believes that by this time next year, &quot;we will be having the same conversation that Bitcoin has experienced an incredible rally.&quot; Bitwise expects Bitcoin to break through $200,000 by the end of 2025. (Jinshi)

Industry insiders: Everything in the cryptocurrency industry is moving in a favorable direction

Odaily Report: Citigroup analyst Alex Saunders pointed out six key factors in a report last Friday that could help determine the price of cryptocurrencies by 2025, including ETF activity, regulation and the future of stablecoins.

Supportive macroeconomic backdrop: Analysts say they expect the current macroeconomic backdrop to continue supporting high-risk trading in the first quarter of next year, but warn that the outlook thereafter is less certain. The outlook may change depending on Trump's economic policies and stock market volatility.

Continued inflows into spot ETFs: Analysts expect the strong inflows of funds into cryptocurrency spot ETFs in the first year of listing to continue through 2025, providing further momentum for their price growth.

Crypto allocation in portfolios: Portfolio allocation will also be key to the future returns of cryptocurrencies. Analysts say that during this year's rebound, Bitcoin has added value to multi-asset portfolios. However, it remains a highly volatile and risky asset, and when the allocation exceeds 3%, the risk to the overall investment portfolio can reach 10% or more.

Stablecoin issuance: Analysts say that the continued issuance of stablecoins has been boosted since Trump's election, which will help create a healthier cryptocurrency market.

Higher adoption: Analysts say that the most important theme to track for cryptocurrencies is adoption rate.

Relaxed regulation: Finally, analysts say that with Trump taking office, regulation will be a major theme next year. The incoming US president has appointed several pro-cryptocurrency candidates to his cabinet. Their policies are still unclear, but the industry generally expects regulation to be more relaxed, which could drive broader adoption.

Citi: Six key factors including stablecoin issuance and regulation will help determine the trend of cryptocurrencies in 2025

Odaily reported that as of December 24, BTC rose 113% in 2024. According to hash rate index and Google Finance data, most listed mining companies saw their stock prices in a downward trend by the end of 2024, with a decline of up to 84%. Among the 25 listed mining companies in the index, only 7 achieved positive returns. As of the time of writing, Bitdeer (BTDR) rose 167%, Cipher (CIFR) rose 33%, Hut 8 (HUT) rose 91%, Iris Energy (IREN) rose 72%, Northern Data (NB2) rose 58%, Core Scientific (CORZQ) rose 327%, and TeraWulf (WULF) rose 169%. On the other hand, Argo Blockchain (ARB) fell 84%, followed by Sphere 3D (ANY) down 69%, MARA Holdings (MARA) down 12%, Hive (HIVE) down 29%, Greenidge (GREE) down 74%, Bitfarms (BITF) down 44%, and BitFufu (FUFU) down 18% (just to name a few). Overall, 2024 was a year for BTC mining companies to adapt to changes, as they addressed the issues of reduced rewards and increased costs, and sought new revenue sources to maintain operations. BTC miners' cumulative revenue exceeded $71 billion. According to Blockchain.com, miners' revenue on December 22 was $42 million, while the peak in April exceeded $100 million. Meanwhile, the current average difficulty of the BTC network is 108.52 T, higher than 72.01 T a year ago, an increase of 50.71% over the past 12 months. Due to the increase in operating costs, mining costs have also increased significantly. For example, BitFuFu reported that the cost of BTC mining increased by 168% to $51,887 per BTC, while mining capacity increased by 62.5%. To strengthen their financial position, many listed mining companies turned to the capital markets. In the second quarter, 9 out of 13 BTC mining companies listed in the US raised about $1.25 billion through stock issuance. This trend continued into the third quarter, with an additional $530 million raised, totaling over $2.2 billion.

BTC is up 113% this year, while only 7 of the 25 listed mining companies have achieved positive returns

Here is the English translation:

In 2024, it was undoubtedly an important year in the history of cryptocurrency. This year, with the two core narratives of ETFs and the US election, with Bitcoin as the main leverage, the cryptocurrency industry successfully broke through in the year, with listed companies, traditional financial institutions, and even national governments rushing in, significantly increasing mainstream adoption and recognition. The regulatory environment also moved towards a clearer and more relaxed path with the inauguration of the new government, and the collision of the mainstream, the divergence of paths, and the evolution of regulation became the industry's main theme this year.

01 Review of 2024: Bitcoin tops the charts, Ethereum catches up, MEME casinos draw attention
Looking back on the industry's main developments this year...